In July last year, Gemini laid off more employees in the second round of layoffs.

US-based crypto exchange Gemini said that it will lay off 10 per cent of its workforce, citing “bad actors” in the crypto industry, the media reported.

It’s at least the third round of cuts at Gemini in the past eight months. In a message on Slack on Monday, Gemini President Cameron Winklevoss informed staff of the latest layoffs, reports The Information.

“It was our hope to avoid further reductions after this summer, however, persistent negative macroeconomic conditions and unprecedented fraud perpetuated by bad actors in our industry have left us with no other choice but to revise our outlook and further reduce headcount,” Winklevoss was quoted as saying.

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